Shanghai Plot in High-End District Breaks 2016 Price Record

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The plot, in a high-end residential neighborhood in Shanghai’s Xuhui district, was sold at a floor price of 131,000 yuan ($18,345) per square meter

A plot of land in Shanghai has set a record price for residential land sales in China despite the country’s property market remaining sluggish.

The plot, in a high-end residential neighborhood in Shanghai’s Xuhui district, was sold at a floor price of 131,000 yuan ($18,345) per square meter to Greentown China Holdings Ltd., a Hong Kong-listed developer, in a public auction on Wednesday. The 16,700-square-meter land sale totaled more than 4.8 billion yuan.

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A Shanghai land plot sold for a record 131,000 yuan ($18,345) per square meter, totaling over 4.8 billion yuan.
This sale contrasts with China's sluggish property market, signaling potential renewed developer investment.
Despite restrictions lifting, nationwide land supply and sales in July dropped by 42.6% and 26.6%, respectively, leaving the overall market unstable.

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Who’s Who

Greentown China Holdings Ltd.: Greentown China Holdings Ltd. is a Hong Kong-listed developer. It set a record by purchasing a plot of land in Shanghai’s Xuhui district for a floor price of 131,000 yuan ($18,345) per square meter, totaling over 4.8 billion yuan. The company plans to develop luxury residential properties on this high-priced land, indicating strong investment willingness despite China's ongoing property market downturn.

Ronshine Group: Ronshine Group set a previous record in 2016 by purchasing a parcel in Shanghai’s Jingan district for 11 billion yuan at 100,000 yuan per square meter. This purchase included restrictions such as mandatory subsidized housing and limits on residence sizes, which increased actual land costs. These restrictions have since been lifted to support the property industry during its downturn.

Xiaomi Inc.: Xiaomi Inc., a smartphone giant, previously bought the plot in Shanghai's Xuhui district for 1.55 billion yuan in October 2021, intending to build its Shanghai headquarters. However, the plot returned to reserve after Xiaomi failed to start construction within two years, allowing local authorities to reclaim the land use rights.

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What Happened When

2016：: Ronshine Group bought a parcel in Shanghai’s Jingan district for 11 billion yuan, paying 100,000 yuan per square meter.

October 2021：: Xiaomi Inc. bought the Xuhui plot for 1.55 billion yuan intending to build its Shanghai headquarters.

Late March 2024：: Records from Shanghai’s land and resources authorities showed the Xuhui plot had returned to reserve after being previously sold to Xiaomi Inc.

July 2024：: Nationwide land supply fell 42.6% to 24.04 million square meters, while land sales dropped 26.6% to 19.05 million square meters, according to Zhuge Real Estate Data Research Center.

By August 7, 2024：: The Xuhui plot was sold to Greentown China Holdings Ltd. at a floor price of 131,000 yuan per square meter in a public auction, totaling more than 4.8 billion yuan.

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